Opec energy ministers on Tuesday rebuffed US and European calls for the cartel to pump more oil and rein in prices. International crude oil futures traded close to $109 a barrel on Tuesday after hitting a record $111.80 in mid-March.

The price rise in recent months has caused concern among governments of big consumers, such as the US and Europe. But ministers from many of the 13 big oil producers that make up Opec appear happy with the status quo.